Thursday, November 19, 2009

Leading Indicators Rise for October - The Conference Board reported that the index of leading economic indicators rose for the seventh consecutive month in October and said that a recovery is "unfolding" in the economy. The leading indicators rose 0.3% in October following a 1% gain in September. Six of the 10 indicators were positive. The index is up at a 10.2% annual pace in the last six months.

Initial Jobless Claims Are Unchanged - The Labor Department reported that initial filings for jobless claims was a seasonally adjusted 505,000 which was flat compared to the prior week. The level of initial claims in the week ended Nov. 7 was revised up by 3,000 to 505,000. The four-week average of initial claims dropped 6,500 to 514,000.

Philly Fed Manufacturing Index at Highest Level Since 2007 - The Federal Reserve Bank of Philadelphia reported that manufacturing activity expanded for the fourth consecutive month in the Philadelphia region in November. The Philly Fed index improved to a seasonally adjusted 16.7 from 11.5 which is the highest reading since June 2007. At the lowest point, the index was a negative 41.3.

Congressman Asked Geithner to Resign - Treasury Secretary Timothy Geithner rejected a request from a Republican lawmaker that he resign for his handling of the economy. In a heated exchange during a hearing of the Joint Economic Committee of Congress, Rep. Kevin Brady, Republican of Texas and the top House Republican on the panel, said Geithner had failed as the Obama administration's point-man on the economy. "Will you step down from your post,?" Brady asked. Geithner replied that he served at the pleasure of President Barack Obama. Geithner said he agreed "with almost nothing" that Brady had said. (Marketwatch)

Geithner: Largest Firms Need Single Regulator - By David Lawder - Reuters - "U.S. Treasury Secretary Timothy Geithner said on Thursday that no financial firm should be able to escape regulation, and the largest institutions need oversight from a single, strong regulator. 'The regulation of the largest, most interconnected firms requires tremendous institutional capacity, clear lines of authority and single-point accountability. This is no place for regulation for council or by committee,' Geithner said in testimony to the congressional Joint Economic Committee."

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